In the long-term, crude oil prices may impact the economic stability and sustainability of many countries, especially those depending on oil imports. This study thus suggests an alternative model for accurately forecasting oil prices while reflecting structural changes in the oil market by using a Bayesian approach. The prior information is derived from the recent and expected structure of the ...

This paper presents an economic evaluation of gas to liquids (GTL) project using “South-Pars” gas field of Iran based on the latest actual performing GTL projects. Iran has the world’s largest reserves of natural gas and can satisfy the projected long-term market demand of GTL products which have lower pollution and higher quality than refinery products. The results of cost-benefit analysis sho...

Over the years, Nigeria depends on crude oil proceeds as the major source of national income, foreign exchange and external reserves. This dependence coupled with the huge cost of running and maintaining the political structure among other factors prove disastrous by leading the economy to the worst recession in decades. We therefore, chronicle the origin, effects and way out of the recession v...

Nigeria’s foreign exchange reserves, which was US$5.4 billion in 1999, rose to an overwhelming level of US$51.3 billion at end-2007 and further to US$53.0 billion in 2008, but owing to the crash in the international price of crude oil in 2008 and the aftermath of the global financial crisis, the reserve declined to US$42.4 billion in 2009. In trying to determine the optimum level, the paper ado...

Gasoline and crude oil price movements have been the focus of many studies in last decade. We use asymmetric error correction model (ERM) to examine hypothesis pricing for both regular premium gasoline markets at US national level four states with highest consumption. Using weekly retail prices from June 2000 February 2023, results show an response market all level. However, adjustment speed te...